First National Mortgage Investment Fund (FNM-UN.TO) has announced its monthly cash distribution for the whole of February 2017.
In a February 15 CNW press release, the Fund stated that the distribution (set at $0.05 per unit) will be “payable on March 15, 2017 to unitholders of record at the close of business on February 28, 2017.”
The First National Fund offers what it calls “tax-advantaged monthly distributions” through investments in Canadian mortgage loans by originator and underwriter First National Financial LP.
“Today, the Fund is fully invested in a diversified portfolio of mortgages on multi-unit residential, industrial, and retail properties as well as land,” according to the release.
“To deliver an attractive yield, the Fund invests primarily in short-term bridge mortgages, which typically bear higher rates of interest than traditional debt financing, and the Fund's manager applies leverage.”